After buying a property, what's next?

[Rebecca Belvin]

Hey guys!

So I'm wanting to get into my first property this Summer. Finding a good deal is only the beginning. Once I find a deal, make an offer, and actually get the property, what's next? An example: I've found a good deal (I've run it through the BP calculator and the numbers are excellent). This location already has a tenant with a long-term lease. I know I inherit them, and all the agreements and forms they filled with the original owner. Aside from daily management, what else do I need to do? Obviously new things occur once their lease is up and that would be a different discussion.

Short version: I buy a propety, inherit a tenant... now what do I need to do/keep up with? People to contact? Forms to have? Important things to keep in mind?

I'm wanting to do as much as I can myself!

Thank you everyone for your ideas/guidance!

Rebecca